Transcript:

It can be but not necessarily. Companies, CEOs, vice-presidents are always allowed to trade their own stock, buy and sell based on material non-public inside information as long as they disclose it the SEC. When it becomes illegal is when securities are traded on information that’s material and non-public that’s not disclosed to the SEC. Then when that happens there is the question and this is what we often defend on is the information actually material and is it actually non-public? And those become issues of fact that can change someone’s behavior from legal to illegal.